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Life Insurance For Builders And Construction Contractors

Looking for a quote for life insurance or burial insurance? Click here and send me a message with details of what you’re wanting to accomplish. If you’d prefer to talk live, call 888-626-0439 to speak with me directly.

In Today’s Article, I Will Lay Out A Series Of Rationales As To Why Builders And Construction Contractors Should Purchase Life Insurance

It will protect not just themselves but also their business if God forbid, things unexpectedly turn for the worse in their lives.

Today’s Topic Overview:

Why get a life insurance for builders and construction contractors

The very reason that I’m writing this article is that I’m also a business owner in the life insurance industry. I help agents become proficient salespeople. I help customers with their insurance needs according to their financial goals.

I also come from a business background. My father was a chemical engineer. I watched him build his business to great heights before selling it off and retiring in his late forties.

I understand the pain and commitment that builders like yourself put into your business to build it up to something great.

It takes many years of hard work and sacrifice. Except for the few entrepreneurs that are out there that are committed to the same level, most people don’t understand this.

You’re going through this process of building your business into something great. It may occur to you that something unexpected could happen.

Perhaps an injury or something tragic happens on the job. You could get crushed under building materials, or have a sudden heart attack. Some way of taking you out of it.

What happens to your business if that occurs? How does your family survive after that? With all those hard years of effort, achievement, and commitment down the tubes? Who’s going to step in and take over? Could it be someone from your family? If you’re like most business owners, this isn’t going to be the case for you.

This is the exact reason why life insurance is one of the most important vessels to save your business from unexpected circumstances. When something that you may not expect to happen takes place, life insurance comes into play to save it.

I have a lot of experience dealing with builders and construction contractors. They usually carry a risk and liability insurance and other aspects of business coverage. What they don’t consider is the importance of having a life insurance. It’s a way to protect their business and family, as well as the workers, in the event that they pass away.

We here at Buy Life Insurance for Burial understand that each individual’s situation is different. That’s why we custom tailor our policies to meet you needs. To get your free quote, call us at (888) 626-0439. 

You can also send us a message using our message board and a friendly representative will be in touch within 24 business hours. 

Top 7 reasons people buy life insurance for income replacement

1.Love their family
One of the biggest motivators to buy life insurance is the desire to take care of family. Whether you are looking for income replacement or final expense coverage, life insurance can provide the funds needed to cover expenses that can cause a lot of stress to loved ones.

It takes a person that really loves their family and understands the reality of life to purchase life insurance.

2.Realizes mortality
A lot of people don’t like to think about the probability of their own death. They may be healthy and have the mentality that they will live to be old. But death isn’t something we can predict. We don’t know when our time will end.

Those who are wise understand the importance of life insurance, even if they are young and healthy. They realize anything could happen – unforeseen illness and accidents that are out of their control.

3.Rates are affordable
One of the greatest things about working with Buy Life Insurance for Burial is that we can shop among a number of insurance companies to find the best value for your money. Regardless of what your budget might be, we can customize your policy to meet your specific budget.

4.Custom tailored
A budget isn’t the only important thing when it comes to buying life insurance. The type of coverage you get is also important. Whether you are looking to get a small plan or a multi-million dollar plan, you can customize your coverage to an amount that is appropriate for you.

5.Covers debts
If you are concerned about replacing your income, life insurance is a great way to go. You can use life insurance payout to cover financial debts such as credit cards, loans, and mortgages.

6.Useful riders
There are many useful riders you can add to your life insurance plan. These include coverage for things like disability waivers and return on premium riders.

7.Exam is optional
Though an exam can increase the likelihood you will get a better premium rate, it is not required for applications under $500,000 in coverage.

This is good news for those who have a fear of needles or do not like doctor visits.

Case study examples

Married Couple Looking for Coverage

A young construction worker recently reached out to me because he had recently gotten married. His wife had encouraged him to speak with us because she was concerned about them getting life insurance in place now that they were financially responsible for each other.  

The only problem was that this young man had a history of depression. He was taking medication to keep his depression at bay, but his wife worried that this would impact his application and perhaps cause a rate increase.

Buy Life Insurance for Burial works with a number of providers and thankfully we were able to provide him with an offer for quality coverage at a fair price. Both the young man and his wife were very pleased with the offer and were thankful they were able to have peace of mind in knowing they had life insurance in place should anything happen to either of them.

We can’t promise every applicant that they will qualify, but we can provide you with the best possible chance at getting coverage on the books since we are able to shop among a number of providers.

First Time Final Expense Coverage on a Budget

A client of mine, Mr. Lowe, was 45 years old when he contacted Buy Life Insurance for Burial. He’d never had final expense coverage and wanted to see about setting something up, given that his job as a construction worker was high risk.

Mr. Lowe knew that he would need between $7,000 to $12,000 in coverage for final expenses. But he was on a limited income and was concerned about how much coverage would cost him each month.

Thankfully we were able to shop a number of providers and find coverage that met Mr. Lowe’s budget. He was able to qualify for first day coverage and have peace of mind in knowing if anything happened to him his final expenses would be taken care of.

Though we can’t promise the same outcome for everyone, we do our best to find our clients quality coverage they can be happy with and afford so that they can keep coverage in place for the long term.

Four reasons why you should own a life insurance coverage

Why do builders and construction contractors need to purchase life insurance to protect their business and their families? I’ll do my best to explain each concept and the vital reasons why it’s important to own a life insurance coverage.

1st Key Man Protection

You may have somebody in your business who plays an important role in your building and construction business. It’s a key person, who manages the sales aspects, for example. Or the primary planning and building of your residential or commercial projects.

Imagine if that key person died. What happens to your business the next day? Is it an effortless swoop to replace that person? Will your business run the way it used to?

There are countless stories of businesses with key people such as salespeople, executives and key managers. Without their help, the business would suffer in the short term if not in the long term.

Here lies the rationale for wanting to purchase what’s called ‘key man protection’. Simply put, key man protection is designed to ensure that the life of the key person is insured. If they pass away, or something happens to them, the corporation has paid a lump sum of life insurance coverage.

It financially accommodates the business while the new key person is trained up. It mitigates any losses from that key person passing away.

For example, my father’s business. He was the owner and he had several key persons in his organization.

His wife was the office manager. She also managed the warehouse and chemical manufacturing facility. His vice president managed the sales team in the organization.

Had either of those two people died, it would have had devastating effects on the capabilities of the business, at least over the short term. This is where life insurance policy on either of those parties would have made perfect sense.

If either passed away, the corporation data would be protected. There would be a lump sum that would help mitigate some of the losses with their disappearance.

Imagine if the vice president died. Now we have to hire a new vice president. We have to get him accustomed to different contacts. They may have a different feeling and relationship with a new person, a new point of contact. There may be much loss of business from it.

These are all widening aspects of what can be affected when a key person passes away. This is why life insurance on that key person is a great option to pick. It makes great sense for a builder or construction contractor. The key person in your business has an important role. You should consider buying life insurance for him.

2nd Business Continuity Protection

This is similar to key man protection. Business continuity protection is designed for either partnerships or multi-corporations. The concept is simple.

Say you are in a partnership. You jointly own the business or you have multiple partners. Any major decisions have to be made corporately among the owners of the business.

Imagine if one of those owners in the partnerships scenario died. Now their family comes in as being the heir to the ownership of the business.

Ask yourself these questions. Does the family know as much about the business as the partner did? What will happen when your partner’s family takes ownership of the business?

They make demands differently to how the original partner did. We all like to think that families won’t have these limitations to what they can and can’t do. But this is never the case.

Some families feel an immediate need to replace the ownership or income stream that the deceased partner had. They may come in and alter the course of the business to do so. This can have disastrous consequences on the long-term continuity for your business.

Life insurance has a role as a buyout mechanism. Trying to pay for the life insurance with a bank loan could saddle your company with debt upon your passing. Now that your key man is gone, you may not even qualify for it.

You can hire a life insurance company via the insurance of the partner. If they pass away then the life insurance pays off the surviving heirs and in return, sells their portion of the business to you.

Now you own full control of the business. You can ensure the continuity of the business. The family gets what they want, i.e. a check in their hands for their portion of the agreed-upon price of the business. This severs ties cleanly, allows for the continuity of the business, and ultimately does all parties the best way possible.

Along with a business continuity life insurance plan, you’ll want to ensure all partners in the corporation. You will want to draft up a legal agreement with your attorney. It will stipulate how this continuity plan is paid out and how it’s managed to begin with.

If you like what you have read so far, please get in touch for a no obligation quote by calling (888) 626-0439 or by dropping us a message using our message board. We would be happy to provide you with more information about what your options might be. 

3rd Loan Indemnification

Most likely, as a builder and a construction contractor, you need to have money to start your projects. You need to pay for labor, materials and other expenses. Some of us have the ability to shoulder all the expenses for our projects.

But many of us have to depend upon the graces of our banks and our relations with creditors to fund our business operationIn order to satisfy the requirements of the loan, many creditors will want to confirm who will pay for the loan. With most small businesses, if the key person, the figurehead, of the business dies, your business to an extent dies with them.

It will be dramatically affected. The person, company or bank that has loaned money is concerned about how it’s going to be paid back. Therein lies the opportunity to purchase business loan indemnification. The concept is that you take out a life insurance plan on yourself as the owner of the business.

Upon the passing of the key person of the business, despite having a functional business that works, the policy is designed to pay the bank as the beneficiary. This way, the bank can satisfy its loan requirements. If anything happens, the bank knows that it’s not on the hook for the money that it loaned you to pay.

A lot of creditors are put at ease when they know that there’s life insurance protection on the books. Consider buying business continuity. Consider buying loan indemnification life insurance. That’s something that we can help you with at Buy Life Insurance For Burial.

4th Estate Protection

You’ve owned a business for a very long time as a builder or construction contractor. You’re looking for an exit strategy to preserve the business itself if you were to pass away.

You’ve done very well and accumulated a large net worth. There’s a problem with a large estate. Uncle Sam feels it’s your obligation to give up a half of your assets upon your death. This is called the estate tax.

The estate tax can cause businesses that have been built carefully over decades to be torn apart. Again, the problem lies with how the business is handled when you pass away.

A life insurance plan can add liquidity to the business, solving the problem of not being able to pay off the tax. It saves your business from a fire sale; selling supplies, equipment, and assets within your business. Many times, when you need to make a sale fast with large assets, you’ll have to sell them at a severe discount.

All of that can be mitigated with a life insurance policy on the owner or key people involved in the operation. If you pass away then that life insurance takes your place. It pays off the government so that your estate remains sound and liquid. You don’t have to liquidate any of your accumulations or assets in the process.

Stories from the field

Back in 2015 I met a middle aged couple in a small town in Georgia. I visited their home, despite them being leery of insurance salesmen, to speak with them more about their insurance needs. 

Though they had requested information they admitted that they were happy with the coverage they had in place, but were still curious what I could provide. After finding out the details of their coverage I explained that they were paying too much, but they were not completely convinced.

They encouraged me to get in touch with them again in 6 months time to see how things were going with the insurance they had. As I began to leave, feeling like I had failed to properly explain what I could offer, the husband approached me in the driveway asking if I could come back inside and speak with them some more.

He said he felt a little confused about the different options available and was wondering if I would be willing to go over their options again.

Long story short, I was able to save this couple $400 a year on their coverage. They were very pleased with the result and thanked me for taking the time to explain everything to them.

I have seen this same scenario repeat itself many times with clients who are unaware they are paying too much for their life insurance. It always gives me satisfaction in knowing we helped saved them money and are able to provide a quality service to meet their specific needs.

Burial Insurance Rates, Age 40 to 90*

Rates For $5,000 In Burial Insurance

Rates For $10,000 In Burial Insurance

Rates For $15,000 In Burial Insurance

Rates For $20,000 In Burial Insurance

Rates For $25,000 In Burial Insurance

*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.

Thanks for reading, and I hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!

Next steps

If you’re interested in qualifying for life insurance, visit my website. You can go to and you can grab a free quote.

I do ask that you message me first. You can do that by clicking the contact box at the top or the bottom. Send me a quick message or just call me. The best way to reach me is (888) 626 0439 and speak with me live.
Thanks for stopping by and reading this article. If you still have questions or would like to receive a free, personalize quote, drop us a message or call us at (888) 626-0439. 
You’ll speak with an expert in the field who can give you more information in regards to what your life insurance options might be as well as what you might pay each month.
I hope this article has caused you to realize the importance of getting life insurance on the books. Remember, some insurance is better than no insurance! We hope to speak with you soon.
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